Will v. Trust

Posted By
Mazaheri Law Firm

Michael Jackson's case

In July,
Michael Jackson's will was filed in the probate court. It was surprising, actually, that someone
with his assets died with only a will. In fact, it is common for those
with extensive property like Mr. Jackson or even just a home, to create
a living trust so that their assets will pass to their heirs without the
cost and delay of a probate proceeding.

There are times, though, when probate can be an appropriate place to settle
an estate, and Michael Jackson's might be the poster child for these
cases - when there are messy creditor claims to sort out. Like a bankruptcy
court, a probate proceeding is place where creditors and their claims
(and guardianship issues) can be sorted out by a court, in a set period
of time and with finality.

The AP has published a good article if you're trying to sort out whether a
will or trust makes more sense for your family. However, in Oklahoma, a probate is expensive
and time-consuming, and if you want to leave everything to your kids,
if you own a home, or if you don't have complex credit issues, a trust
is generally a great long-term investment.

If you need help with estate planning or just have questions, please contact
us for a free initial consultation and/or attend the
Free Estate Planning Seminar, held monthly at the Mazaheri Law Firm for additional information.